University of Szeged
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Sovereign Bond Yield Spreads in the Eurozone: Macroeconomics, Monetary Policy, and EU Fiscal Policy
Full text linkFinancial fragmentation in the Eurozone is still reflected in the widening of sovereign bond
spreads during uncertain times, streaming from domestic and external funding imbalances or
monetary policy stances. The Euro area has encountered severe financial difficulties. After
the Great Financial Depression, European economies, particularly Greece, Ireland, Italy,
Portugal, and Spain (so-called GIIPS countries), faced the dynamics of budget deficits and
experienced significant increases in their sovereign bond yields, which decreased the
confidence of investors in the ability of these countries to meet their debt commitments.
Therefore, the divergence in long-term bond yields in European countries started in 2010 and
has grown substantially since 2012 (Cuaresma & Fernández, 2024). The concerns about the
euro area breakup increased in the half of 2012, where Italian and Spanish 5-year sovereign
yield spreads reached record highs because of self-fulfilling speculation and multiple
equilibria. Despite carrying out some significant reforms in the European Union after the
sovereign crisis in 2010, such as introducing unconventional monetary policies, government
bond purchase programs, European Stability Mechanism (ESM) or other multiple safety lines
in Europe, the Euro area was still fragmented in nature, and it revealed after the new
economic crisis (Covid-19 and the Russia invasion to Ukraine).
Financial fragmentation can be studied in the framework of sovereign bond yield spreads,
as the Euro area governments published the bonds in a currency with no complete control
and no guarantee to have the necessary budget to pay the investors out at maturity, which
leads to reducing the confidence of investors, forcing the government to default and
increasing the risk premium. Therefore, Sovereign bond yield spreads are the index used to
quantify the fragility of the countries’ financial structure and the risk of market failure. This
study explores the gap between sovereign bond spreads and sovereign credit default swap
spreads and proves the presence of a high cointegration between sovereign CDS and
sovereign bond markets. Moreover, it evidenced the association between sovereign bond
spreads and other country-specific macroeconomic fundamentals, including debt to GDP
ratio (as a proxy for fiscal condition) and inflation. Additionally, we employ the euro–dollar
base swap rate as a proxy for the scarcity of dollar funding in the Eurozone and the EURO
Stock VIX index to capture the effect of investors’ risk aversion and investor uncertainty on
the sovereign yield spreads in the Eurozone. Moreover, to measure sovereign spread, we used
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the difference between each member state's 10-year sovereign bond yields from the average
Eurozone 10-year sovereign bond yields.
Also, increasing fundamental doubts over the integrity of the Eurozone highlights the critical
role of monetary policies and fiscal discipline in stabilizing the euro area’s sovereign bond
markets. Therefore, this paper aims to study the effectiveness of conventional and
unconventional monetary policy by the European Central Bank (ECB). The rescue packages
provided by the European Commission through the most significant European RFA (that is,
European Stability Mechanism-ESM) disbursements, studying the effects of the Excessive
Deficit Procedure (EDP) as an EU-level fiscal austerity and the effectiveness of the recent
EU’s recovery plan- Recovery and Resilience Facility (RRF) which is the milestone program
under the Next Generation EU (NGEU) to decrease the volatility in EU sovereign bond
markets.
Therefore, the thesis aims to identify the determinant factors of the Eurozone’s sovereign
spread using a panel vector error correction model (VECM) for the non-pandemic period
(2008Q1–2019Q4), which covers the events of the Global Financial Crisis and the Eurozone
sovereign debt crisis that led to some significant reforms in the euro area. We then extended
the period to 2022Q3 to add two more recent crises, the COVID-19 pandemic in 2020 and
the energy price shock in 2022, to evaluate the efficiency of the abovementioned reforms
TNFR1, NFκB és Nrf2 expressziójának vizsgálata 1-es típusú diabéteszes patkányok myentericus plexusában
Full text linkNorvég irodalmi impulzusok a magyar irodalmi modernség alakulásában a 19. század végén
Full text linkThis thesis seeks to understand how Norwegian literature was received in Hungary in the late 19th century, and how modern Hungarian literature can be understood better due to this process. This viewpoint not only defines the importance of revealing the motivations of the translators who thought that transferring Norwegian literature was beneficial for Hungarian literature, but also some of the main issues that arose in the Hungarian literary system which resulted in these new literary works. With the aid of theories of modernism, reception history and translation studies, this research aims to give a new interpretation of Hungarian literary modernism
Shusterman Rortyt olvas
Full text linkLocating its roots in the intellectual tradition of the 20th century’s classical pragmatism, neopragmatism not only revived the cooperation between theory and practice, but also managed to set a new direction for it. The most outstanding and influential figure in outlining the new perspective was Richard Rorty, who replaced the concept of experience used by classical pragmatists with language. Richard Shusterman soon started to criticize Rorty’s approach, which criticism, and the extensive debate that followed, became a significant momentum in the overall philosophical intellectual life. Therefore, the aim of the research is to thoroughly explore the pivotal and important points of the debate, justifying the thesis that Rorty's language-centered philosophy is contradictory and one-sided, while pointing out the plausibility of Shusterman's somaesthetical position. The research is divided into three structural parts, keeping in mind the main points of the debate, which are the following. The first chapter of the analysis seeks to contextualize the opposition between the two pragmatists through general concepts such as democracy, cultural politics and the self. The second chapter of the analysis attempts to narrow the scope of the comparison of the differences between the two authors' theories, with particular reference to their understanding of language and experience. The third chapter attempts to examine Rorty’s and Shusterman's complex relationship with aesthetics, focusing on the manifestation of the duality of language and experience in their aesthetic thinking
Beyond pigmentation: the role of POMC-derived opioid signaling in radiation fatigue, addiction, and pain
Full text linkThe Utopia of the Kenyan Labor Market: A Decomposition Analysis of Gender Pay Gaps and Occupational Segregation
Full text linkA magyar mezőgazdasági hasznosítású földeken fennálló tulajdonközösségek megszüntetése
Full text linkHalastórendszerek ökoszisztéma-szolgáltatásainak felmérése és többszempontú értékelése
Full text linkIn this study, the ecosystem services (ESs) of three Hungarian fishpond systems (Whitelake of Szeged, fishpond system of Biharugra, and Akasztó) were collected and assessed from multiple aspects.
Interviews with local experts uncovered 17 ESs altogether: fish production, reed production, food for grazing animals, firewood, water quality regulation, water storage, inland water retention, microclimate regulation, CO₂ absorption, air quality regulation, groundwater recharge, recreation, aesthetics, inspiration, opportunities for research, environmental education, and recreational hunting.
Socio-cultural significance of the ESs were characterized with a new, knowledge-based method by conducting questionnaires among the residents of Biharugra. Out of the available ESs, recreational and provisioning services (e.g. reed production) were mentioned the most often after fish production. Regulatory services were highlighted rarely.
The amount of each ESs were estimated with quantitative indicators, highly relying on data from local experts. Measurements revealed that fishpond systems have significant capabilities in providing fish, water quality regulation, water storage, and CO₂ absorption. On the other hand, research, education, and inspiration were at a very low level at all sites, including recreation opportunities in the case of the Biharugra and Szeged fishpond systems, and the regulatory ESs of the Akasztói fishpond system.
Based on the quantitative results, the economic value of 12 ESs were also evaluated where it was possible, using market price and avoided cost methods. After fish production, CO₂ absorption, microclimate regulation, inland water retention, and water storage showed the highest monetary values in all cases. Cultural ESs, reed production, and firewood had the lowest values.
The potential and actual sources of ESs were mapped through participatory methods. To summarize the results of the previous methods, a new, energy efficient procedure was also created, named "usability mapping". Results of usability mapping identified certain parts of stagnant waters, reedy areas, canals, and lookout towers as the most valuable areas of all three fishpond systems, where most of the ESs are concentrated and used. Industrial areas were the least valuable parts of the systems